China to spend $361B on new clean energy

China will plow $361 billion (2.5 trillion yuan) into renewable power generation by 2020 as the world’s largest energy market continues to shift away from dirty coal power towards cleaner fuels, the country’s energy agency has announced. According to the National Energy Administration, the investment will create over 13 million jobs in the sector. Solar power is projected to get about 1 trillion yuan of the spending – which would build about 1,000 major solar power plants, according to experts’ estimates – in an effort to boost capacity by five times. Another 700 billion yuan will go towards wind farms, 500 billion to hydro power with tidal and geothermal getting the rest.